I circled the -0.0501% figure. This $ZIL perpetual contract settles every 4 hours, and shorts are crowded on one side, so they have to pay to hold their positions. There are about 87 minutes until the next settlement. The mark price is 0.002617 and the current price is 0.002631—very close—yet the 24-hour change is -16.61%, with $21.42 million in trading volume. I’m looking at the longer-term picture: this funding rate only shows which side is more crowded in the short term; it doesn’t change the slower-moving factors like supply and usage, which aren’t provided here either. Shorts paying isn’t proof that the price has finished falling. Do you see this negative funding rate as a snapshot of crowded positioning, or have you spotted other evidence on a longer-term chart?
#资金费率 #市场结构